Saudi Arabia’s energy minister Prince Abdulaziz bin Salman on Tuesday, said that OPEC+ would implement a responsible approach to the spread of the novel coronavirus. Earlier this month, An OPEC+ committee suggested the alliance to deepen the supply curbs by further 600,000 bpd as the virus continued to weigh on oil demand.
Saudi Arabia has expressed its support to the proposal, but Russia has not decided yet whether to follow the recommendation. Prince Abdulaziz said that Riyadh is confident with the partnerships with other oil producers and will continue good communication with Moscow.
He also said that OPEC+ members are responsive and responsible crude producers. UAE energy minister Suhail al-Mazrouei said that OPEC+ would address the current situation regarding the epidemic in its next meeting and decide what necessary steps to be taken.
Saudi Aramco CEO Amin Nasser, on Monday, said that the impact of the epidemic on the oil market is likely to be short-lived. ADNOC CEO also expects the effect will be temporary.
